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LIFE ASSURANCE PRODUCTS
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MORTGAGE PROTECTION - CRITICAL
ILLNESS
LONG TERM INCOME PROTECTION - TERM
LIFE ASSURANCE
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INSURANCE TYPES
There are basically only 3 types of Life assurance being whole-life, term assurance and endowment assurance. Numerous policies are available on each of these basic types of assurance that vary in benefits and offer special features. Firstly it is important to define the basic type of assurance. Whole-life assurance basically defines itself in that the life cover is provided for the whole life of the life assured. Term assurance provides life cover during a limited term only (e.g. 10 years). Endowment assurance is similar to term assurance but provides a savings plan with the term assurance so that a lump sum is received at the end of the term.
Variations to the above could be described under one of the following names: SHARE PROTECTION, KEY MAN ASSURANCE, CONVERTIBLE TERM ASSURANCE and FAMILY INCOME BENEFIT to name a few. Below are examples of policy that specialise in satisfying particular needs.
SHARE PROTECTION - This is where a policy is taken out by shareholders in a company on each others lives. If one of the shareholders then becomes disabled or dies the policy provides finance to purchase this shareholders shares.
KEY MAN ASSURANCE - Is a life policy taken out by a company that relies on individuals skills that are key to making the company operate successfully. The theory is that should this person die or become disabled the company would receive financial assistance as a result of the policy taken to cover the losses it is likely to endure.
CONVERTIBLE TERM ASSURANCE - This is a term assurance policy which maybe converted at any time to a whole life or endowment policy without the need of having to have a medical.
FAMILY INCOME BENEFIT - This is a policy that is calculated to pay a monthly amount rather than a lump sum to the policy holders family should they become disabled or die.
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